President Trump on Monday said he plans to meet with Chinese President Xi Jinping and Russian President Vladimir Putin next month when world leaders gather for the Group of 20 (G-20) summit in Japan.

Trump predicted his meeting with Xi would be “very fruitful” and argued he would be negotiating from a position of strength after trade talks broke down last week between the world's two largest economies.

“We’re in a great position right now, no matter what we do,” Trump told reporters during a meeting with Hungary’s prime minister. “Yeah, I think China wants to have it.”

The president’s announcement comes as trade tensions between the two nations have flared with each having hiked tariffs on the others’ imports following the failure of last week’s negotiations.